Lumexa Targets 30% Free Cash Flow Conversion for Full-Year 2026

Lumexa Imaging expects full-year 2026 free cash flow conversion of at least 30% of adjusted EBITDA, after generating $20.6 million in free cash flow during the third quarter as it expands its estimate of the market it can serve.

Third-quarter free cash flow equaled about 32.9% of adjusted EBITDA. The company recorded negative $1.8 million in free cash flow in the year-earlier quarter.

Revenue rose 5% year over year to $272 million from $258.9 million. Adjusted EBITDA increased to $62.6 million from $59.1 million.

CEO Caitlin Zulla put Lumexa’s total addressable market at roughly $77 billion. That estimate includes a $44 billion opportunity in hospital outpatient imaging centers, in addition to the company’s existing $33 billion market.

Lumexa plans to invest in new centers and equipment and pursue targeted acquisitions. It recorded $14.2 million in capital expenditures in the third quarter and expects spending to be modestly higher in the second half of 2026.